SD may be … In 2002 I paid 650 for an apartment in Charlotte NC. By 2005 it was under 500.
Houses have gone up and I dont know why from 2000 to 05 your rents have gone up. Maybe you had the same thing that happened in Charlotte ~2000. What we refer to as the .com migration at BofA where I work. They lost 1000’s of people to .coms in CA and other cities that had lots of them. Maybe SD lost population through end 2000 driving down rents. That return of population will have pushed rents back up sharply till the house boom reversed that trend.
In charlotte 98-2002 rents and house prices went down. 02 rents recovered rapidly followed by a construction boom that saw house prices roughly stagnate but they sucked the wind out of the rents and by 05 rents were pathetic.
You may have somehting locally going on there. Here is the true measure as used by financial institutions. Inflation + 5% is interest on long term loans. The last 5 years that long term interest has been ~6%. Inflation is well well well under 2%. Inflation is a count of a lot of things. Rent in your town does not make inflation if the rest of the country is losing population to your town. Like what happened in the .com era. The SF area saw rents sky rocket while many other areas saw rents crash and burn. That will figure in national inflation statistic as a 0 event or a very very minimal amount. Ironically the cost of china made electronic junk is a bigger factor than rents in SD rising. Cos a VCR dropping to 1/2 its price followed by tapes and all other electronic nic nac’s definetly counts for the whole country and it might account for 5% of a family’s monthly expense and that has dropped in 1/2. Again national average is what counts in CPI.
Cool.
Cow_tipping.
